GE expands job cuts at Lufkin oil unit

|By:, SA News Editor

Facing pressure from the drop in oil prices, General Electric (NYSE:GE) has increased the planned job cuts at its Lufkin oilfield equipment unit from 330 to 575.

"As a result of increasingly challenging market conditions, we are announcing additional workforce reductions in our Lufkin business," said Kristin Schwarz, a GE Oil & Gas spokeswoman.

GE bought oilfield pump maker Lufkin Industries for about $3.3B in 2013.

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